The global shipping industry has reached a substantial tipping point in terms of energy consumption. Fuel costs currently consume 35% 80% of the industry's global revenue—the highest share of revenue in its history. The costs are steadily on the rise and show no signs of abating. It would be desirable to provide systems and methods to reduce these fuel costs, especially given fuel costs represent often more than two-thirds of a ship owner's/operator's annual expense.
Although shipping is a highly efficient means of transportation on a per ton/mile basis compared with other modes of transportation, ships are still major sources of pollution and CO2 emissions. Large commercial ships use bunker fuel, the tail end of the oil refining process that emits a cocktail of gases that harm both the planet and human health. Along with CO2, there are nitrogen oxides and sulfur oxides (the cause of acid rain) as well as what is known as particulate matter.
The global shipping trade is responsible for emitting a billion tons of CO2 a year, and as the global economy recovers this figure is bound to escalate. This means shipping, as a single industry, is a larger CO2 emitter than an entire industrialized country like Germany. If the shipping industry were a country it would rank number 6 in the world CO2 league table. It would be desirable to provide systems and methods to reduce these emissions.